Wholesale Prices Plunge

Wholesale prices in October plunged by 2.8 percent, the sharpest monthly decline in 22 years, the Labor Department reported this week.

The declines were driven by cheaper energy and food prices last month. Gas prices alone fell by 25 percent, dragging overall energy prices down by 12.8 percent following a three percent decline in September, the report said. By contrast, food prices fell by a modest 0.2 percent, with declines offset by rising prices for chickens, natural cheese, melons and fresh vegetables, among other goods.